Kazakh Ministry of Energy said on Friday Kazakhstan intends to continue fulfilling its obligation of reducing oil production by 20,000 barrels per day under the current quota.
The energy ministry said in a statement that Kazakhstan also intends to review the terms of the obligations in November, taking into account the conjuncture in the world oil market.
Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members met on Thursday in Vienna, Austria, to renew the deal of limiting oil production for another six months.
The ministry stressed it will not take a decision unilaterally, but will discuss the terms of the agreement with other oil-producing countries.
"Kazakhstan welcomes and supports the OPEC and non-OPEC countries in an agreement to extend oil production cutbacks to maintain acceptable prices in the market," the statement added.
Oil production in the country averages 1,673,000 barrels per day. In May-June, the level of production is expected to decline and, in general, the obligations will be fulfilled in full by half a year.
The OPEC and non-OPEC meeting in Vienna agreed to extend the existing level of oil production at 1.8 million barrels per day.
The term of the agreement will be valid for 9 months, starting from the second half of 2017.
Latest comments